Though it might be tempting to think that a piece’s worth rests primarily on its visual appeal or age, this couldn’t be further from the truth, at least as far as professional appraisers are concerned. A painting, a statue, a coin, or virtually any collectible piece may be subject to value increase or decrease, influenced by an array of historical, market and physical conditions.
Specialists first look for the artist and the artist’s fame. Naturally, the reputation of the artist can have a significant influence on the value of the work; works created by artists who have had a successful exhibition history or a steady auction price can generate a lot of interest, but that interest may change based on the trends and demand of the art market in general.
Provenance is another key factor. Provenance refers to the history of ownership and can provide insight into authenticity, and in some cases add value as well. It may be difficult to evaluate an artwork without proof of its existence in collections or at sales and exhibitions. Works with documented provenance may also be easier to resell and appraise.
Condition can have an obvious effect as well. Artworks may become damaged, restored, faded, or otherwise affected by their storage environment. Depending on the nature of those changes, a work’s condition may increase or decrease its value; a professionally conserved work may increase in value, while work that is inappropriately restored could lose significant value. The appraiser’s final assessment will depend on both visual and structural condition.
Finally, a work’s value is likely to be affected by its current position in the art market at the time of its appraisal. Market trends and collector interest in particular types of works, be it due to their inherent beauty, or some other reason, can result in an uptick or decline in demand, and consequently, the value of the works themselves.
Appraising art is not a matter of simple guessing or estimation; rather, it is a matter of extensive research and observation on the part of the appraiser, combined with an astute understanding of the wider art market. An informed collector, interested enthusiast, or an individual considering a career in art appraisal would do well to understand how these various factors can affect the value of a piece, not only as a creative product, but also as a historical, cultural and monetary item.